Best ways to pay off debt – earn more per hour

Best ways to pay off debt — this month, I’ve written a few articles on how you can use consulting to get out of debt. I even shared a story about how my friend used consulting to get out of debt.

Let’s say you have $5,000 in credit card debt at 18% and you’re making a minimum payment of $125 a month. It will take 26 years to pay off that debt! But, if you made an extra $375 a month from consulting — and instead paid $500 a month — you’d pay off that same debt in 11 months and SAVE about $6,500 in interest!

If you start a consulting business and set your fees at just $50 an hour, you could potentially make up that extra $375 by billing just 7.5 hours a month. Even a truly low consulting fee rate (I’d never suggest anyone charge this little) of $25 an hour would require you to bill for just 15 hours a month to earn an extra $375.